NEWS
May 12, 2025
Costas Delaportas: DryDel’s “Golden” Route and Next Day's Bet
Costas Delaportas: DryDel’s “Golden” Route and the Bet for the Next Day
Read in Greek: https://www.mononews.gr/business/shipping/kostas-delaportas
He started from the family business and today leads a dynamic shipping company with an international presence and a forward-looking vision.
Written by: Lilian Margariti
- Thoughts on expanding into other ship categories
- DryDel’s differentiation
- Cautious optimism for dry bulk
- Geopolitical developments directly affect us
- Investments in newbuilds and second-hand vessels
- Preference for Japanese ships
- $1 billion investment in advanced technology newbuilds
- New office in Houston
- Vision for the next five years
- We are not interested in going public
- Great Place to Work
- The biggest business risk
- You can never predict everything
- Passion for shipping
- The independent path
- The new generation in shipping
From a Young Age, Costas Delaportas Knew That Shipping Was Not Just a Profession, But a Way of Life
A passion that was born during his school years when every summer he found himself at the family shipping company Meadway Shipping and Trading, founded by his father, Dionysis Delaportas, in 1988. Observing closely the intensity, speed, and international dimension of the industry, these elements were enough to captivate him permanently.
Although today he is one of the most active young Greek shipowners in dry bulk, in an interview with Mononews, he left open the possibility of diversifying his fleet and expanding into tankers under the right conditions.
Today, his fleet consists of 12 vessels, with another 11 under construction—mainly in Japanese shipyards, which he trusts for their quality and reliability.
His philosophy for a successful journey in shipping is continuous modernization with new systems, new ships, and constant adaptation to developments: “Only this way can one survive in strong competition,” he notes.
His journey so far has not been without challenges. In 2021, two years after his father’s passing, he and his brother, George Delaportas, decided to follow separate paths, as their strategic directions were different. Today, he believes they made the right decision.
If he could turn back time, what would he change? As he told us, he would have ventured into other areas of shipping beyond dry bulk. However, as he points out, “You can never predict everything.”
Costas Delaportas’ case is representative of a new generation of shipowners who combine experience with strategic thinking, tradition with innovation, and passion with professional consistency.
Thoughts on Expanding into Other Ship Categories
When asked about the possibility of diversifying his company, DryDel Shipping, into areas beyond dry bulk, he responded:
“If we see that the market timing is good and ship prices are declining, we might consider moving. We are particularly interested in tankers.”
“When we see favorable conditions, such as a potential market downturn in tankers, we won’t say no. We’ve already made a move into Capesize, which, although a dry bulk vessel, is the largest category and a different market—we didn’t have a presence there before. So, it’s significant for us.”
DryDel’s Differentiation
According to Mr. Delaportas, DryDel is not the traditional Greek shipping company. “We are shipowners, but we also operate as operators—we manage ships of other owners, not just our own. But mainly, we manage cargoes: forward cargoes and CoAs, Contracts of Affreightment. We don’t just wait for cargo to be given to us—we have an active commercial role. We secure third-party cargoes in advance and use them either for our own ships or for ships we have chartered in for long periods.”
The company handles over 5 million DWT of third-party cargoes annually. This strategy gives it an advantage over market fluctuations and allows it to be more flexible.
Cautious Optimism for Dry Bulk
“I don’t expect an exceptionally strong year for 2025—mainly due to the uncertainty we continue to experience, both geopolitically and commercially. But I believe that from the second half of 2026 onwards, the dry bulk market will rebound dynamically,” he asserts.
He justifies his view by pointing out:
- “Firstly, about 10% of the global fleet consists of vessels over 22 years old, which means that in a relatively short period, they will need to be retired.”
- “Secondly, over the past six months, there have been virtually no new orders for newbuilds—which creates a future capacity shortage.”
- “And thirdly, when the situation with tariffs/geopolitical tensions clears up and peace is achieved between Russia and Ukraine, I believe the market will stabilize and present good opportunities.”
Geopolitical Developments Directly Affect Us
As he emphasizes, the reshuffling of trade flows and routes forces the company to constantly adapt.
“For example, we avoid high-risk areas and choose safer maritime routes, such as via the Cape of Good Hope. We have also focused on stable and growing trades, like the one between Eastern America and Southeast Asia.”
“At the same time, some of our strategic moves have proven particularly successful. Opening an office in São Paulo a year ago and our new office in Houston in early 2025 strengthen our position in key areas. Especially now, as the U.S. imposes tariffs on Chinese vessels, trade in grains and other agricultural products to and from South America is increasing significantly—and China has turned strongly towards this market. Our goal is to read the environment correctly and align our strategy with global developments,” he explains.
$1 Billion Investment in Advanced Technology Newbuilds
Environmental compliance is not merely a regulatory obligation for DryDel—it is a core part of its strategy. For this reason, the company has invested nearly $1 billion in advanced technology newbuilds that offer low fuel consumption, optimized hull designs, and strong competitiveness in the market.
DryDel already fully complies with current environmental regulations—from EEXI and CII to the latest EU ETS and FuelEU Maritime rules.
At the same time, it proactively invests in upgrades and technical improvements and has developed real-time data monitoring systems to manage its fleet efficiently, both technically and commercially.
On the topic of alternative fuels, the company maintains a realistic stance.
“There is still no clear, practical solution that is immediately applicable across the full range of vessels and ports. In smaller vessel sizes—such as Handysize, Supramax, and Ultramax—which often call at remote ports, we still face challenges in sourcing even conventional fuels, let alone alternatives like methanol or ammonia. Therefore, our strategy is based on technological readiness and flexibility: we invest in a modern fleet capable of meeting today’s demands,” notes Mr. Delaportas.
New Office in Houston
DryDel currently operates five offices: Athens, Singapore, Dubai, São Paulo, and now, as of this year, Houston. Each serves a specific role in the company’s overall strategy.
Athens remains its headquarters and decision-making center for both technical and commercial operations. Singapore covers the broader Asia region, which is crucial for dry bulk—particularly due to China and the rest of Southeast Asia.
Dubai provides access to clients and partners in the Middle East, while also offering flexible cargo management from India and East Africa. São Paulo, which opened last year, addresses the rapid growth of agricultural exports from South America, particularly to Asia.
“There’s intense activity there, especially as China increasingly turns to this market to meet its needs,” notes the shipowner.
Houston is primarily a highly active commercial hub, with a strong local cargo market.
“There are independent trades originating from the American Gulf (as renamed by Trump from the Gulf of Mexico), which are handled by local cargo owners and require immediate and meaningful presence. Our office there aims to meet that need, offering tailored service and swift market response. We continue to focus on key maritime regions, especially emerging ones, where it makes financial sense to maintain a local presence and specialization,” he explains.
Vision for the Next Five Years
The shipowner’s vision for the coming years is to significantly grow both the shipowning and ship-operating arms of DryDel, while unwaveringly maintaining service quality.
“The level of service we provide is what built DryDel’s name in the market and is the foundation on which we build every next step,” he clarifies.
“At the same time, we want to expand our strategic partnerships through joint ventures with like-minded shipowners. We aim to continue our geographic expansion to cover as many shipping hubs as possible—but always with a focus on performance, not image. And of course, we’ll keep building a strong team. People are the foundation of DryDel. We want to attract capable professionals, give them space to grow, and keep evolving the company through their momentum.”
No Interest in Going Public
DryDel’s private structure gives it flexibility, speed in decision-making, and a personal approach to relationships with staff, clients, and partners, says Mr. Delaportas.
The company culture is direct and straightforward, built on trust and free from the bureaucracy often seen in larger organizations. As such, going public is not a current priority.
“First of all, the timing isn’t right: most shipping stocks are trading below their net asset value. In addition, markets have become very volatile—with every announcement from the U.S. triggering a ‘yo-yo effect’ in valuations, which doesn’t help with long-term planning. That said, our company has a strong balance sheet, very positive results in recent years, and healthy cash reserves. We don’t need the stock market to support our growth. We have access to capital through more efficient financing models like bareboat deals, JOLCO structures, and traditional loans at highly competitive rates.”
Great Place to Work
The company places particular emphasis on a supportive work environment where employees feel their contribution matters, where they can develop and have a say in the company’s day-to-day affairs. This philosophy was recognized with a Great Place to Work certification.
“For us, the team is the foundation of DryDel’s success,” says Mr. Delaportas.
With five offices and employees from over ten nationalities, the company is highly multicultural. This brings a diversity of opinions and experiences, but also the challenge of harmonizing different mindsets—something that ultimately strengthens the company and makes it more agile, according to the shipowner.
“We were especially pleased with the Great Place to Work certification because it came from anonymous feedback from our people—it’s a genuine reflection of how they experience their work life here. We’re very proud of the team we’ve built, and we want to continue attracting talent that fits our culture: grounded individuals with commercial awareness, technical knowledge, and above all, a spirit of collaboration.”
This is also why the company maintains strong ties with universities. DryDel is actively involved in programs at leading institutions in Greece and Singapore—from hands-on presentations to internship opportunities for senior students.
“We believe it’s our duty to open paths for the next generation in shipping.”
Biggest Business Risks
The shipowner identifies two major risks he’s taken so far:
- Investing in operations 15 years ago—something not as clear-cut as traditional shipowning.
“It requires a different approach, different structure, commercial instinct, and constant exposure to the market. It wasn’t obvious to everyone, but for me it was clear that this segment held a lot of potential.”
- Ordering four Namura Handysize vessels during the pandemic.
“Despite the extreme uncertainty back then, my instinct told me that these vessels would be in demand in the coming years. And that’s exactly what happened. We took delivery last year, and today they are not only worth more than the initial investment but are also performing very well commercially.”
You Can Never Predict Everything
If he could go back, Mr. Delaportas says he might have moved more actively into other shipping segments beyond dry bulk—particularly during opportunities like tankers in 2021 or containers in 2020 and 2024, which yielded high returns for those who acted fast.
“Still, you can never predict everything. No matter how much information you have, the market is unpredictable and often behaves outside the usual supply-demand model. What’s important is that we remain alert and are now more ready to act when we see something that makes sense—whether it’s in dry bulk or elsewhere.”
Passion for Shipping
Working in shipping was never a duty or an obligation tied to family tradition for Mr. Delaportas. It was a passion from the very first time he walked into the family company’s offices.
“I was still in school when I started spending summers at the office. Then I spent more and more time there—not because anyone made me, but because I was genuinely drawn to it. I was captivated by the intensity, speed, and global nature of the industry. And the truth is, even today, so many years later, the passion remains the same. I spend countless hours in the office, in meetings, on trips, in negotiations. It’s a way of life, not just a job.
I think that shows in our results—from how we’ve built DryDel through market insight, investments, deals, and the people we’ve chosen to work with. When you love what you do, you’re constantly trying to take it to the next level.”
The Independent Path
Speaking about the decision he and his brother, George Delaportas, made to take separate paths in 2021, he explains that it was the result of a mature discussion and a shared realization that they had different strategic visions and operational philosophies.
There was a divergence in how each viewed the long-term direction of the company and how to achieve it.
“The decision was made with mutual respect and professionalism, with the best interests of both sides in mind. Today, I strongly believe it was the right call. Both companies have grown, developed, and built on their values with stability and success. Looking back, we are proud of our journey—not just the results, but also the way we got here. I’m certain our father, with the principles he taught us and the path he forged, would be especially proud of what’s been built today.”
The Next Generation in Shipping
Despite the strong potential of the shipping sector, Mr. Delaportas observes that fewer young people are pursuing careers in it.
“There are opportunities, but we struggle to find young people who have the motivation and willingness to enter the industry with energy. And yet, shipping is a sector that offers longevity, global perspective, stability, and strong potential.”
His advice to the younger generation?
“See shipping as a real career choice. With persistence, patience, and genuine interest, anyone can find their path in this industry. It’s a field that demands hard work but gives a lot in return: growth, stability, and international scope. Shipping doesn’t need to ‘win you over’—you need to give it a chance to show what it can offer.”